K2 Principal Fund L.P. Purchases Shares of 14,000 Enbridge Inc $ENB

K2 Principal Fund L.P. purchased a new position in shares of Enbridge Inc (NYSE:ENB) (TSE:ENB) during the second quarter, Holdings Channel.com reports. The fund purchased 14,000 shares of the pipeline company’s stock, valued at approximately $759,000.

Other hedge funds also recently bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in Enbridge by 2.1% in the 4th quarter. Vanguard Group Inc. now owns 100,364,993 shares of the pipeline company’s stock worth $4,802,766,000 after buying an additional 2,067,516 shares during the last quarter. RNC Capital Management LLC grew its holdings in Enbridge by 1.6% in the 4th quarter. RNC Capital Management LLC now owns 1,446,697 shares of the pipeline company’s stock valued at $69,196,000 after buying an additional 22,637 shares in the last quarter. SCS Capital Management LLC purchased a new stake in shares of Enbridge in the second quarter valued at about $9,204,000. Western Wealth Management LLC increased its holdings in shares of Enbridge by 346.8% during the 1st quarter. Western Wealth Management LLC now owns 36,190 shares of the pipeline company’s stock worth $1,959,000 after buying an additional 28,091 shares during the last quarter. Finally, Empowered Funds LLC increased its stake in Enbridge by 24.2% during the first quarter. Empowered Funds LLC now owns 110,014 shares of the pipeline company’s stock worth $5,956,000 after acquiring an additional 21,442 shares during the last quarter. Hedge funds and other institutional investors own 54.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the stock. Wolfe Research set a $50.00 price target on shares of Enbridge in a research report on Tuesday, August 4th. Wall Street Zen upgraded Enbridge from a “sell” rating to a “hold” rating in a report on Sunday, July 12th. Royal Bank Of Canada increased their price objective on shares of Enbridge from $79.00 to $84.00 and gave the company an “outperform” rating in a research report on Monday, August 3rd. TD Securities reissued a “hold” rating on shares of Enbridge in a research report on Thursday, July 16th. Finally, Raymond James Financial lowered shares of Enbridge from an “outperform” rating to a “market perform” rating in a research note on Friday, July 31st. Four equities research analysts have rated the stock with a Buy rating and seven have assigned a Hold rating to the company. According to MarketBeat, Enbridge presently has a consensus rating of “Hold” and an average price target of $67.00.

Enbridge Price Performance

Enbridge stock opened at $51.41 on Wednesday. The stock has a market capitalization of $112.29 billion, a PE ratio of 27.49 and a beta of 0.58. The company has a debt-to-equity ratio of 1.69, a current ratio of 0.72 and a quick ratio of 0.66. Enbridge Inc has a 12 month low of $45.03 and a 12 month high of $58.45. The business has a 50 day simple moving average of $54.49 and a 200-day simple moving average of $53.99.

Enbridge (NYSE:ENB) (TSE:ENB) last released its earnings results on Friday, July 31st. The pipeline company reported $0.46 EPS for the quarter, topping the consensus estimate of $0.43 by $0.03. Enbridge had a net margin of 7.20% and a return on equity of 11.17%. The company had revenue of $9.70 billion during the quarter, compared to analysts’ expectations of $8.67 billion. During the same quarter last year, the business earned $0.65 EPS. Equities analysts predict that Enbridge Inc will post 2.11 earnings per share for the current year.

Enbridge Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Friday, August 14th will be issued a $0.97 dividend. The ex-dividend date of this dividend is Friday, August 14th. This represents a $3.88 dividend on an annualized basis and a yield of 7.5%. Enbridge’s dividend payout ratio (DPR) is 147.06%.

Enbridge Profile

Enbridge Inc is a Calgary, Alberta–based energy infrastructure company that develops, owns and operates a diversified portfolio of energy transportation, distribution and generation assets. Its core activities include the operation of crude oil and liquids pipelines, natural gas transmission and distribution systems, and energy storage facilities. In addition to midstream transportation and storage, Enbridge has expanded into renewable power generation and energy transition projects, including wind, solar and utility-scale generation assets.

The company serves customers primarily in Canada and the United States and has interests in other international energy projects.